In the face of restrictions on wheat, rice, and sugar exports, India’s agricultural sector is gearing up for a robust performance in the fiscal year 2023–2024. The country, ranked as the second-largest producer of wheat, rice, and sugar globally, imposed limitations on the export of these commodities in the previous fiscal year to counter rising domestic prices. Despite the challenges posed by these restrictions, India’s trade minister, Piyush Goyal, expressed optimism about the growth of agricultural exports in the coming year.
In an address at a conference in New Delhi, Minister Goyal highlighted the government’s commitment to diversifying export strategies to ensure a steady increase in agricultural shipments. Last year, India faced a $4 billion to $5 billion deficit due to the constraints placed on the export of wheat, rice, and sugar. However, the government is now focused on overcoming these challenges and fostering a more dynamic and resilient agricultural export landscape.
“We had agri exports in the aggregate of about $53 billion in 2022/23, and we expect the number to increase in the current year despite the restrictions placed on the export of rice, wheat, or sugar,” remarked Minister Goyal.
The decision to restrict exports last year was driven by the need to stabilize local prices, but the government is now adopting a more nuanced approach. By diversifying export commodities and exploring new markets, India aims to strike a balance between domestic price control and international trade growth.
Source- Economic times